Vitol, SK Settle California Fuel Rigging Probe for $50M
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California Attorney General Rob Bonta said the state reached a $50 million settlement with commodity traders Vitol and SK Energy Americas after it alleged the firms acted together to manipulate local gasoline markets.
It’s the latest instance in which commodity traders have faced legal enforcement over market manipulation in the U.S. Vitol and SK Trading were alleged to have manipulated Californian gasoline markets in 2015 when a refinery in Torrance exploded.
Representatives for Vitol and SK Energy Americas didn’t immediately respond to requests for comment.
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In 2020, Vitol paid more than $160 million to settle charges in the U.S. over corruption and attempted manipulation of physical oil benchmarks.
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